Apax Capital Group, a brand new movie fund backed by the Italian authorities, an Italian insurer and a consortium of different traders, says it plans to spend €1.5 billion (about $1.7B) over ten years on movies shot and/or accomplished in Europe, primarily Italy.
The enterprise is led by producer Yona Wiesenthal (Shtisel, Footnote, Beaufort, Allegiance, Google Baby), former CEO of the Israel Broadcast Authority and content material chief at Israeli DBS platform YES, and by Augusto Pelliccia, Italian movie financier and CEO of Augustus Group. They are traders within the fund together with studios, manufacturing amenities and movie commissions in Italy, Spain and Morocco.
They tapped New York actual property entrepreneur Noam Baram as an fairness companion in North America to scout for tasks by U.S. producers that may be shot in Europe and Italy. He’s at present organising Apax Capital’s presence Stateside with a number of workers between NY and LA. Apax Capital (no relation to massive non-public fairness agency Apax Partners) will again 10-12 movies a yr by U.S. producers with budgets between $5-$20 million, Baram tells Deadline.
Production can be totally financed, and draw on Italy’s nationwide and regional tax credit score program that grants movie and TV tasks as much as 35% of price range spent domestically as a convertible tax credit score voucher.
Post manufacturing may also be totally financed if work is finished at Augustus Studios amenities.
Cattolica Insurance, a newly acquired subsidiary of Gruppo Generali, can also be an investor within the fund. The firm and its supervisor Ilaria Faro, via Gruppo Natalucci & Partners, will oversee and insure the tax credit score money move.
“It is our mission with Apax Capital Group to provide a financial solution to filmmakers and television producers to not only complete their productions, but also secure distribution and sales,” mentioned Wiesenthal. “This deal is an example of our strategy of finding new and original ways to finance projects through joint ventures and completion financing. Italy, along with several other countries in Europe, provides not only an incredible location with high-level services, but also considerable tax credit programs.”
The consortium’s first offers embrace one with Cinatura, the manufacturing firm of Kees Kasander (Fish Tank; The Cook; The Thief, his Wife & Her Lover; 8 ½ Women) to finance and full Peter Greenway’s subsequent 4 movies — Walking to Paris, at present in postproduction; Lucca Mortis, scheduled to begin taking pictures in late winter 2021; an Antonio Vivaldi challenge The Food of Love; and the Hieronymus Bosch challenge.
Apax additionally has a deal in place to finance director Hagar Ben Asher’s characteristic The War Has Ended, anticipated to be shot in Italy. (Won the event prize for Best Script on the 2018 Berlin Film Festival.)
Meanwhile, Baram and surrogates working with him who’re near the movie trade are beginning to scout scripts and potential productions within the U.S. to carry abroad. “The American market currently has a vacuum in financing films ranging from $5 to $20 million dollars. These films are targeted by Apax since some can be produced in Europe or at the very least can have the postproduction done there,” mentioned Baram. “The U.S. is still the largest market in the world for films and together with Apax we will strive to help finance award winning films.”